Published Date : Apr 25, 2016
High altitude platforms are systems with different payloads, similar to satellites, and are used for varied applications such as communication, surveillance, aerial imaging, internet services, and navigation. High altitude platforms (HAPs) are objects stationed at a height above 50,000 feet from the Earth’s surface, far higher than the altitude at which commercial aircrafts operate. Thus, HAPs are capable of covering a larger surface areas and can be used for maritime and land-based applications.
According to a report published by a market intelligent company called Transparency Market Research, the high altitude platforms market which was valued at US$2.30 bn in 2014, is expected to expand at a CAGR of 8.7% from 2015 to 2023 and is estimated to reach US$4.77 bn by 2023.
High Demand from Defense Sectors Boosts High Altitude Platforms Market
High altitude platform systems offer several benefits over satellite systems, such as low operating and maintenance cost as well as compatibility with existing infrastructure. Thus, there is a huge demand for high altitude platform systems by the government and defense sectors for surveillance purpose, boosting the market. Moreover, high altitude platform systems are also in great demand for delivering wireless internet systems. Thus, the market is expected to grow in the coming years.
Communication Segment to Dominate the High Altitude Platforms Market
On the basis of payloads, the global high altitude platforms market is segmented into navigation, EO/IR systems, surveillance systems, and communication. In 2014, the communication segment dominated the global high altitude platforms market and is expected to retain its dominance, on account of the rising growth prospects for HAP-based wireless communication across several regions.
Regional wise, the global high altitude platforms market is segmented into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Out of these, North America represented 31% of the global high altitude platforms market in 2014, which was the largest in terms of revenue. Asia Pacific is expected to witness the highest growth in the future.